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There are only three ways to grow a business.
First, GET MORE CUSTOMERS.
Second: Increase average price. (Get customers to spend more on the thing you’re selling)
3rd: Increase frequency of purchase
I asked ChatGPT what the top ways to grow a business were. It gave me 13 ideas, but all of them fall under one of the things I just mentioned. Let’s take a look at them.
Understand Your Market: This falls under GET MORE CUSTOMERS.
Enhance Your Online Presence: Falls under GET MORE CUSTOMERS.
Build a Strong Brand: This falls under INCREASE FREQUENCY OF PURCHASE and GET MORE CUSTOMERS.
Optimize Your Sales Funnel: This falls under GET MORE CUSTOMERS.
Leverage Customer Feedback: This falls under GET MORE CUSTOMERS and INCREASE FREQUENCY OF PURCHASE.
Expand Your Offerings: This falls under GET MORE CUSTOMERS and INCREASE FREQUENCY OF PURCHASE.
Focus on Customer Retention: INCREASE FREQUENCY OF PURCHASE. Customer retention is all about getting them to buy from you again.
Invest in Marketing and Advertising: This falls under GET MORE CUSTOMERS.
Build Strategic Partnerships: GET MORE CUSTOMERS
Improve Operational Efficiency: GET MORE CUSTOMERS.
Seek Funding: Falls under GET MORE CUSTOMERS because getting more money means finding more people. It can also apply to INCREASE FREQUENCY OF PURCHASE because it might help you come up with more items to sell.
Monitor Key Metrics: This will help you GET MORE CUSTOMERS and INCREASE FREQUENCY OF PURCHASE.
Adapt and Innovate: Change as the market changes. Stop trying to sell something that people don’t want to buy anymore. Or stop pushing something that no one wants. This will free you up to focus on the things that actually MAKE MONEY, like GET MORE CUSTOMERS and INCREASE FREQUENCY OF PURCHASE.
And that’s all that ChatGPT mentioned. I’m surprised there’s no mention of raising prices in there. It’s a pretty basic way of growing a business. But that’s okay. :-D
Q&A:
Tommy: Hi, Andrea. A significant portion of my salary is going toward debt repayment today, and with rising interest rates, I find myself with little left to put into the emergency fund:D The little money I have left each month have to go toward editors and cover designers.So, here's my question - should I reduce my debt payments to the minimum until I've established a $1,000 emergency fund? And do you have any tips on how to do this? And this question is even more relevant when it comes to focusing in on paying off debt one at a time :D Again, thanks!
Angelina: You mentioned you would talk a little more about the book side of things for you. (I am a few episodes behind, so if it will come up just ignore this comment). But i was wondering if you'd like to talk a little more about productivity and the writing process. I mean how you outline your book, how in depth, how you prepare a writing session, how often you write and how much in what time. Just your overall process. I am highly interested in that field as I am trying to become an author myself. :)
Angelina: You mentioned why or why not it is beneficial to have an email sign up that asks them to confirm. The people in the zoom were not interested but I'd like to know why or why not one should choose that, if you could explain it. :3
Update on our situation:Work with clients going well—have been working on things for two clients. One is at 55 hours per week, the other is 2-3 hours. Finding that working more than full time makes it just as hard to write as being a mom full time. :-D There’s just no easy way to work on our passion projects. Luckily, our current situation is forcing me to work on books a bit more.IVF – IndieGoGo. Will be selling ebooks, etc.
22 min